Just a day after the Securities and Exchange Board of India (SEBI) granted a partial clean chit to the Adani Group in connection with the Hindenburg allegations, the Congress party vehemently declared on Friday that a much broader, multi-dimensional investigation into the alleged ‘Modani Scam’ is still critically needed. They assert that the market regulator’s probe only scratches the surface of the complex issues at hand.
Jairam Ramesh, Congress general secretary in-charge of communications, issued a statement highlighting that despite what he called ‘managed headlines,’ SEBI’s clearance to the ‘commercial partner’ in ‘Modani Enterprises’ pertains to only two out of twenty matters under a Supreme Court-mandated investigation. This limited scope, according to Ramesh, leaves numerous critical questions unaddressed.
Ramesh reiterated the party’s firm belief that a comprehensive inquiry into the ‘Modani Scam’ is essential, covering every aspect and allegation.
He further pointed to the 100-question series titled "Hum Adani Ke Hain Kaun" (HAHK), which the Congress had previously put forth, noting that these crucial questions continue to await satisfactory answers.
Mr. Ramesh also took to social media, sharing a statement that reiterated the call for a thorough investigation into the ‘Modani Scam.’ He emphasized that the hundred questions previously raised by the party in their ‘Hum Adani Ke Hain Kaun’ (HAHK) series are still awaiting answers.
The Congress leader pointed out that the Supreme Court had, on March 2, 2023, specifically instructed SEBI to complete its investigation within two months after the damaging Hindenburg Report surfaced.
However, he noted that SEBI’s initial orders only came two years and seven months later, a delay attributed to multiple extensions and postponements.
“We are now eagerly anticipating SEBI’s conclusions on the remaining 22 cases,” Ramesh stated. “These unresolved matters encompass serious allegations, including insider trading within Adani Group companies, breaches of minimum public shareholding regulations, and the 13 ‘suspicious transactions’ that SEBI itself confirmed it was investigating to the Supreme Court on August 25, 2023. These transactions, in particular, involve significant offshore dealings by individuals closely associated with Adani: Nasser Ali Shaban Ahli and Chang Chung-Ling.”
Ramesh firmly asserted that the ‘Modani scam’ is far more extensive than what falls under SEBI’s purview, suggesting a deeper, more widespread issue.
Reiterating points from the HAHK series, Ramesh highlighted that the alleged scam also involves accusations of powerful government agencies like the Enforcement Directorate (ED), CBI, and Income Tax Department being misused to coerce companies into divesting their assets to the Adani Group.
Furthermore, Mr. Ramesh brought up a purported ₹2,000 crore bribery scheme, which he claims was orchestrated by Gautam Adani and seven associates to secure lucrative, high-priced solar power contracts across India. He critically noted that the government has, for almost a year, reportedly declined to serve a U.S. SEC summons related to this matter.
The Congress, he added, has consistently called for an investigation into what they describe as ‘biased privatization’ of vital national infrastructure, such as airports and ports, allegedly skewed to benefit the Adani Group. They also demand scrutiny of ‘over-invoiced’ coal imports by Ahli and Chang, which they contend directly led to significant hikes in electricity prices from Adani power plants in Gujarat.
The Gujarat-headquartered Adani Group has, for its part, consistently and emphatically denied all these allegations.
In what was initially perceived as a significant victory for Adani, the market regulator SEBI on Thursday (September 18, 2025) cleared the billionaire and his conglomerate of stock manipulation accusations made by Hindenburg Research, stating that fund transfers between group companies complied with existing regulations.
Through two separate, detailed orders, SEBI concluded that the allegations of insider trading, market manipulation, and violations of public shareholding norms were found to be unsubstantiated following its extensive investigation.
It’s worth recalling that Hindenburg Research, now defunct, released a scathing report in January 2023 against the Adani Group. The report specifically alleged that companies like Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd served as conduits to funnel funds from various Adani Group entities into publicly listed Adani Power Ltd and Adani Enterprises Ltd.